The second Global Dairy Trade (GDT) event of 2023 saw its price index fall slightly by 0.1% today (Tuesday, January 17), compared to its previous event.

The average price paid for products at the 324th event reached $3,393/MT, and the average quantity sold was 31,872MT.

This is the third consecutive drop in the GDT price index. At the first auction in 2023 the index fell by 2.8%, following a 3.8% drop in December 2022.

Five products in total were offered at the latest auction, including cheddar which recorded the biggest price index increase at 4% to an average price of $4,871/MT.

The price index of whole milk powder (WMP) rose slightly at today’s event by 0.1% to an average price of $3,218/MT. Sweet whey powder was not on offer.

Change in GDT price index. Image source: GDT

Butter, skim milk powder (SMP), and anhydrous milk fat recorded a decline of 0.6% to an average price of $4,449/MT; 0.3% to $2,842/MT; and 0.9% to $5,337/MT respectively.

A total of 164 bidders participated in the event, which included 127 winning bidders across 17 rounds over a duration of two hours and 25 minutes.

Milk price

Meanwhile, Kerry Group has said it will remain at its base price of 56c/L including VAT, at constituents of 3.3% protein and 3.6% butterfat for December supplies.

The processor will also pay an additional 1c/L including VAT at 3.3% protein and 3.6% butterfat on December volumes as part of its contractual commitment.

Sweet Ingredients Portfolio Kerry Group milk price headquarters in Tralee
Kerry Group headquarters in Tralee, Co. Kerry

Lakeland Dairies also recently announced that its board has decided to stick with its current monthly milk price for last month’s milk.

In the Republic of Ireland, Lakeland has maintained the price of 58.85c/L inclusive of VAT for milk at 3.6% butterfat and 3.3% protein.

The business has also announced that an additional payment of 0.6c/L including VAT or 0.5p/L will be made on all litres of milk supplied in 2022.